News

  Riyadh / Reuters A consortium of electricity companies led by Saudi Arabia’s ACWA Power has completed refinancing of more than $1.825 billion in debt for its Rabigh 1 power project, ACWA Power said. The consortium, which includes state-run Saudi Electricity Company (SEC) and Korea Electric Power Corporation (KEPCO), runs the 1240 MW fuel oil-fired plant on the western coast ...

  Riyadh / TNS While total number of retirees from government jobs declined to lowest levels in 2015, early retirement rates among public sector employees increased as compared to 2014. A recent report by General Organization for Retirement revealed a 7.5 increase in early retirement among government sector employees last year. According to report, the percentage of new retirees, as compared ...

  Riyadh / TNS Saudi citizens and residents can now enjoy a white winter in an environment that is safe. This follows the Kingdom’s indoor snow theme park at Al-Othaim Mall Rabwa in Riyadh. Riyadh Gov. Prince Faisal bin Bandar inaugurated the Kingdom’s first Snow City. The latest tourist destination is described as a new chapter and a huge leap in ...

  Abu DHABI / Emirates Business Abu Dhabi Islamic Bank (ADIB) reported a net profit of AED 989.5 million for the first half of 2016, a year-on-year (YoY) increase of 3.8 percent. Total assets grew by 5.6 percent YoY to AED 121.5 billion, with customer deposits rising 9.3 percent to AED 97.4 billion, while loans grew by 6.9 percent to ...

  ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan sent a congratulatory cable to the President of the French Republic, Francois Hollande, on the occasion of his country’s National Day. Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and His Highness Sheikh Mohamed bin Zayed Al ...

  ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued Federal Decree No.159 for the year 2016. The Decree appoints Mattar Salim Ali Al Dhaihiri as Under-Secretary of the Ministry of Defence and is effective from the date of issuance of 10th July, 2016. Mattar Salim Ali Al Dhaihiri has worked as Assistant Under-Secretary ...

  ABU DHABI / WAM Strata Manufacturing PJSC (Strata), the advanced composite aero-structures manufacturing company wholly owned by Mubadala Development Company, announced that it has been awarded a multi-year contract by Boeing to manufacture vertical fins for the 787 Dreamliner family. The agreement, announced at the Farnborough Air Show, further expands the organisation’s role as a direct supplier of primary ...

  Abu Dhabi / Emirates Business The Ministry of Economy has finalized preparations for representing the UAE in the 14th United Nations Conference on Trade and Development (UNCTAD) taking place from July 17 to 22, 2016 in the Kenyan capital of Nairobi. The Ministry of Economy will lead a government delegation headed by HE Juma Mohammed Al Kait, Assistant Undersecretary ...

  ABU DHABI / Emirates Business Harvard University, Massachusetts, recently showcased ‘City Guard,’ the leading community engagement interactive application developed by the Abu Dhabi Systems and Information Centre (ADSIC), as a distinctive success story in the Information and Communications Technology (ICT) sector. The presentation on City Guard was conducted during the Second Developmental Forum for Director Generals of the Abu ...

  RAS AL KHAIMAH / WAM The Ras Al Khaimah Tourism Development Authority (RAKTDA) entered into a cooperative marketing agreement with German tour operator TUI – the world’s largest leisure, travel and tourism company. A key pillar in the emirate’s strategy to strengthen its position as a premier leisure destination within the German market, the RAKTDA-TUI partnership will initially focus ...